Rates below 5% coupled with aggressive prices not only on bank foreclosures but also new construction has once again created an amazing opportunity for home buyers.
ERA Mortgage continues to lead the market in client satisfaction, low rates, and very low loan costs.

Give us a call today.

Rate Sheet

Mortgage rates on 30-year loans slid to a record low for the second straight week, lowering borrowing costs for homebuyers as demand slumps. Rates for 30-year fixed loans dropped to 4.58% in the week that ended Thursday from 4.69% last week, Freddie Mac said in a statement. The average 15-year rate fell to a record 4.04%, the McLean, Va., company said. Mortgage rates have been declining since May as concern that a European debt crisis may spread pushed investors to the safety of Treasuries and government-supported bonds tied to home loans. Yields on Fannie Mae and Freddie Mac mortgage securities have fallen to the lowest level in more than a year.

Home shoppers who missed the April 30 deadline for a housing tax credit might have the last laugh. For a variety of reasons, they could end up saving more than the $8,000 they could have received from the tax refund. In some neighborhoods and price ranges, sellers are dropping their prices because buyers are harder to find now that the credit has expired. Builders and real estate companies began offering promotions after the tax credit ended that, in many cases, are worth more than the credit.  Read the full story at RIS Media.

Saturday April 10th, REALTORS all over Utah are hosting an event like no other.   They are holding open houses statewide for you to freely tour at your convenience.  Take advantage of the federal home buyer tax credit now!  You only have days left and interest rates are still low.  Utahrealtors.com has provided a map for you to locate homes in your area.  If you are looking primarily in Washington County, a list is avalible at sgtrends.com.  Happy Hunting!

This is the last month for you to participate in the extended and expanded Homebuyer Tax Credit that was signed into law last November.  The deadline to take advantage of the Tax Credit is April 30.  In order to meet the deadline, you must have a signed contract for the home you intend to purchase by April 30, 2010, and the sale of that home must close by June 30, 2010.

Don’t miss out!  Call one of ERA’s experienced agents today!

The U.S. economy grew at a slightly faster pace than originally thought during the last three months of 2009, according to a government report Friday.  The nation’s gross domestic product, the broadest measure of the nation’s economic activity, grew at an annual rate of 5.9% in the quarter, the Commerce Department reported. Economists surveyed by Briefing.com had forecast that the revision would show the same 5.7% growth that was originally reported a month ago.

     The state approved Real Estate Purchase Contract (REPC) provides for special considerations and contingencies when offers are prepared for purchase.  In this day of Short Sales, Foreclosures and REO properties, contingencies in offers may deny acceptance or deter favorable consideration.
Buyers may include particular contingencies or items which must be met before the sale would be consummated.  The offer is made subject to these special requirements.  The need for the contingencies from the buyer’s perspective may be very appropriate and essential to the security of the buyer’s position.  On the other hand, the contingencies may be frivolous and without merit so far as bringing the transaction to closing is concerned.  The seller must be aware of the consequence of conditional offers.  Until such contingencies are removed or otherwise satisfied, the offer may not result in a final sale closing.  
            One of the most frequent contingencies found in offers for purchase has to do with obtaining financing.  If the financing is not obtained as required in the offer, the offer, as written, fails and the earnest money deposit may be returned to the buyer. This would usually be the situation regardless of the nature or type of the contingency.  State regulations and contract law must be followed.  Because of the uncertainty that comes with conditional offers, the parties should be careful to understand alternative consequences depending upon the result of the offer.
If contingencies are not satisfied, it may be that the parties will negotiate new or modified terms and conditions and still bring the transaction to settlement.  But absent a resolution of the contingencies, the offer becomes voidable, if not void, if the requirements are not met by the specified settlement or closing date.
St. George REALTOR® Jim Coleman is Associate Broker and Partner/Owner of ERA Brokers Consolidated.  He Specializes in Residential, Investment and Commercial Real Estate, holding National Designations of Accredited Buyers Representative (ABR), Certified Residential Specialist (CRS), Resort and Second Home Property Specialist (RSPS), Seniors Real Estate Specialist (SRES), Certified International Property Specialist (CIPS), GREEN Property Specialist, and Certified Short Sale and Foreclosure Resource Specialist (SFR).

The Home Affordable Foreclosure Alternatives (HAFA) Program is a program that provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures.

HAFA simplifies and streamlines the short sale and DIL process by providing a standard process flow, minimum performance timeframes and standard documentation.

You can find FAQ’s about HAFA here.

Recently the Treasury Department issues new guidelines for Short Sales  with the intent to streamline and give more stability to the short sale process.  With Short Sales and Foreclosures continuing through 2010  we are glad to see some effort put toward the tedious and time-delayed process of a Short Sale.  See more details at http://steveharneyblog.com/short-sales/.

Charlie Young, President and CEO of ERA Franchise Systems just announced Anne Blumenstein as the new Vice President of Marketing for ERA Franchise systems.

“I am pleased to announce the appointment of Anne Blumenstein to the position of vice president of the Marketing group, which is responsible for advertising, packaging and communicating the value proposition of ERA Real Estate to our customers and consumers. She will work closely with the vice presidents of Broker Services, Business Development and Operations as a part of our Senior Leadership Team and will report directly to me.”

Blumenstein has extensive experience managing marketing efforts including integrated franchise campaigns and implementation of brand campaigns for new franchise markets. She comes to ERA Real Estate from CKE Restaurants, Inc., a leading fast-food operator and franchisor, where she worked as vice president of field marketing and media for the Carl’s Jr. division. While there, she successfully managed multiple marketing segments including media, strategic initiatives, new product launches and field marketing. Prior to that, Anne worked as director of regional marketing for the Jack in the Box restaurant chain. There, she supervised marketing efforts across 28 markets, growing franchise community, plotting new market entry and implementing new revenue generating programs. She has also worked in marketing functions at Einstein Noah Restaurant Group, Inc. and McCormick & Schmick’s Seafood Restaurants, Inc.

Blumenstein is a graduate of Humboldt State University in California and has her M.B.A. degree from Loyola University in Chicago.

“It is a credit to the vision, strength and unique culture of the ERA brand to have attracted such a capable and creative leader to help drive our brand recognition in the marketplace, and I believe that Anne will drive tremendous value to the ERA network”, stated Young.

H. Thayne Houston
Broker
ERA Brokers Consolidated